Investors suffered losses when the price of SOSs American Depositary shares fell by 21%, or $1.27 per share, in February 2021. The suit was brought on behalf of persons who bought stock in the company between July 2020 and February 2021. Through today, the company has deployed its own 700 sets of rigs to mining production pool. may be available from PACER. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. It has a capacity of 5MW and is currently hosting 4 mobile containers. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. It has about 20 million members in China. Yandai Wang. The firm created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories, including basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud. The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and constructan international standardized Digital Super Computing Custody Operation Center. Our Team Account subscription service is for legal teams of four or more attorneys. Unlimited access to New Jersey Law Journal, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. Before making any investment, you should do your own analysis. of the Company, holds 45% of the Purchaser?s equity interests, and Ms. Yilin Wang, original shareholder of the VIE and legal representative of SOS Information Technology Co., Ltd., a subsidiary of the VIE, holds 40% of the Purchaser?s equity interests. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. Currently SOS has 31 mobile smart containers in Wisconsin. Mr Wang is 43, he's been the Exec. Specifically, forward-looking statements may include statements related to the following matters of the company: Ability to implement its business plan;Changes in SOS product and service market; andExpansion plans and opportunities. All rights reserved. Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. The suit claimed that SOS changed its business model multiple times and made false statements about the location of its offices, the nature of cryptocurrency mines it claimed to have purchased and agreements it had with other fabricated businesses. This represents progress on another step in SOS' strategy to build out its North America operations. Discovery Company. Cryptocurrency miningis the process of using sophisticated computer hardware to solve complex calculations, which results in the creation of new cryptocurrency tokens, the suit said. QINGDAO, China, Dec. 21, 2020 -- SOS Limited (NYSE: SOS) (the "Company" or "SOS" ), a high-tech company providing a wide range of data mining and marketing analysis services to its corporate and individual members in China announced today its preliminary estimates of certain financial results for its full fiscal year of 2020 ending December 31, It operates SOS cloud emergency rescue service software as a service platform that offers basic cloud products, such as medical rescue, car rescue, financial rescue, and mutual assistance rescue cards; cooperative cloud products, including information rescue center, intelligent big data, and intelligent software and hardware; and information cloud products, such as News Today and E-Commerce Today. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Site Map, Advertise| Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. All Rights Reserved. The cryptocurrency miner has struck a deal with investors to exercise warrants. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big date, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. Learn about SOS Limited (SOS) stock's management team. Mr. Yandai Wang serves as an Executive Chairman and Chief Executive Officer at SOS Limited (formerly known as China Rapid Finance Limited) since May 2020. . Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. SOS Limited, described as a Cayman Islands-domiciled, China-based "technology company that purportedly provides marketing data, technology, and solutions for emergency rescue services" whose securities are listed on the New York Stock Exchange; Yandai Wang, and Eric H. Yan at the U. S. District Court for the District of New Jersey. Customer Service| SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. He received his. We will continue to invest in more high level rigs for our own mining use and increase the manpower to support local operations. The company was founded by Zheng Yu Wang and Andrew Mason in 2001 and is headquartered in Qingdao, China. All rights reserved. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. The companys purported transition to cryptocurrency mining was dependent on an alleged deal it claimed to have entered with HY International Group,which calls itself the worlds largest mining machine matchmaker, to acquire 15,645 mining rigsi.e., personal computing machines built specifically for cryptocurrency miningfor $20 million, and the companys plans to purchase FXK Technology Corp., a purported Canadian cryptocurrency technology firm, the suit said. This docket was last retrieved on January 19, 2023. There are 1 older and no younger executives at SOS. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. For more information, visit: http://www.sosyun.com/ . SOS Limited : By: /s/ Yandai Wang : Name: Yandai Wang . SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. No potential class members objected to the settlement terms, even after more than 125,000 notices of the settlement terms were sent out by various means. The CEO of the company, Yandai Wang, stated in the earnings release: "We will continue to leverage our data mining and analysis platforms, with a goal of developing a robust pipeline for. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. All rights reserved. License our industry-leading legal content to extend your thought leadership and build your brand. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. Access this case on the New Jersey District Court's Electronic Court Filings (ECF) System. Class Action Complaint alleging fraud in Kimberly Beltran v. SOS Limited, described as a Cayman Islands-domiciled, China-based technology company that purportedly provides marketing data, technology, and solutions for emergency rescue services whose securities are listed on the New York Stock Exchange; Yandai Wang, and Eric H. Yan at the U. S. District Court for the District of New Jersey. As a result, SOSs public statements were false and misleading, the suit said. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. Disclaimer: This content is intended for informational purposes. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, Executive Chairman & Chief Executive Officer. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. SOS Ltd. ADR Building 6, East Seaview Park Qingdao, Shandong 86 532-86617117 People Key Executives Board Members Yandai Wang Executive Chairman & Chief Executive Officer Russell Krauss MBA. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Use the links below to access additional information about this case on the US Court's PACER system. It is also engaged in blockchain and cryptocurrency business. In response to developments in the laws and regulations pertaining to blockchain operations in China, SOS has begun shifting its bitcoin mining operations to the U.S. The system provides customers with innovative marketing solutions, such as insurance companies, financial institutions, medical institutions, health care providers, automobile manufacturers, safety providers, elderly life assistance providers and other service providers in the emergency rescue service industry. This provides for the operation of up to 2,500 super-computing servers. Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in Wisconsin. Trending on Pulse 2.0. Over 680 client hosted servers have been deployed in mobile smart containers to date. SOS Ltd., a Qingdao-based company specializing in data and technology products, announced yesterday that 6,039 ETH and BTC mining rigs it had received in the past month are now active at the company's cryptocurrency mining center in Sichuan Province. According to the suit, SOS purports to be a technology company that provides marketing data, technology and solutions for emergency rescue services. As 'Crypto Winter' Drives Insolvency and Fraud, Lawyers Find New Ways of Tracking Decentralized Assets, Unlucky Friday the 13th: Lawyer's $59K Sanction Is His 2nd Monetary Penalty in 8 Days, Where's My Car? The final step of Phase I will add an additional 20MW capacity and is expected to completed in the June timeframe. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. All times are ET. SOS is an emerging marketing and solution provider based on blockchain and big data. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Simply Wall Street Pty Ltd (ACN . We will launch more mining rigs as we sign additional contracts. Ronghe is a key infrastructure investment focused on blockchain and big data, which will be a growth engine for both SOS and Ronghe," said Yandai Wang, CEO of SOS. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. Company Description SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. 2022 Cable News Network. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? We will launch more mining rigs as we sign additional contracts with . Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Chairman & CEO at SOS. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. . Based on our data team's research, Yandai Wang is the The SOS Group's CEO. SOS has obtained a national high-tech enterprise certification and the title of "Big Data Star Enterprise," awarded by the Gui'an New District Government. AIT 1132021. Under terms of the agreement, Niagara Development will be responsible for providing up to 150MW of electricity, including electricity generated from renewable sources, and construction the Digital Super Computing Custody Operation Center. SOS Ltd., based in China, agreed to a $5 million settlement of a securities class action claiming that it misled investors about a cryptocurrency mining operation. . Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. We believe this launch this will fuel sustainable growth and provide value to our shareholders. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. A recovery of 6.5 % of $ 76 million, which provides marketing data technology... This launch this will fuel sustainable growth and provide value to our shareholders and value! Power in law UK Awards honors women lawyers who have made a remarkable difference in the.. Performance, salary and tenure analysis for the CEO, Board and leadership.. Extended to cryptocurrency security and insurance in the future own 700 sets of rigs to mining production pool and... 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yandai wang sos ltd